Fixed-fee leasehold conveyancing in Narborough:

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Narborough, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Narborough leasehold conveyancing

Looking forward to sign contracts shortly on a basement flat in Narborough. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Narborough should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Narborough please enquire of your lawyer in advance of your conveyancing in Narborough

    • I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Narborough. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Narborough ?

    Most houses in Narborough are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Narborough in which case you should be looking for a Narborough conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.

    I am employed by a reputable estate agency in Narborough where we have witnessed a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Narborough conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    What advice can you give us when it comes to finding a Narborough conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a solicitor for your lease extension (regardless if they are a Narborough conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Narborough conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

    • How experienced is the firm with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Narborough with the intention of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Narborough can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
    • Many freeholders or managing agents in Narborough charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Narborough.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Narborough leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals in place do not communicate with the landlord without checking with your conveyancer before hand.
  • A minority of Narborough leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Narborough Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

      You will want to find out as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day issues like the upkeep of the communal areas. Enquire of prospective neighbours what they think of their service. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes. How much is the maintenance charge and ground rent on the flat? Is anyone aware of any major works in the near future that could add a premium to the maintenance charges?

    Other Topics

    Lease Extensions in Narborough